PocketFM’s Lawsuit, Jio’s Space Play, PayTM’s New Strategy and more

Pocket FM challenges Disney+ Hotstar over copyright, Jio Platforms gears up for satellite internet, Paytm shifts focus post-IRDAI nod, Times Internet sells ET Money in a major deal, Tiger Global-backed Jupiter advances with RBI license, and Hitwicket teams up with ISB to elevate gaming careers.

Grab your simmering cup of StartupChai and unwind with our hand-brewed memes.

What Matters

“Maamla Legal Hai”: Pocket FM Sues Disney+ Hotstar Over Alleged Copyright Violation Of Its Audio Series

Pocket FM has taken legal action against Disney+ Hotstar's parent company, Novi Digital Entertainment, claiming copyright infringement over its audio series 'Yakshini'.

They’ve requested an interim injunction to remove the trailer for the web series, with a court hearing set for June 13 before Justice Neena Bansal Krishna. Pocket FM asserts that 'Yakshini', available on its platform since May 2021, is their copyrighted content, sparking this intriguing legal battle.

Read more here

“Chaand Par Hai Apun”: Jio Platforms Gets Indian Space Regulator’s Nod To Launch Internet Satellite

Jio Platforms has received the green light from the Indian National Space Promotion and Authorisation Centre (IN-SPACe) to launch its internet satellite, with approvals granted in April and June.

Their venture, Orbit Connect India, aims to deliver satellite-based high-speed internet, leaping ahead of tech giants like Amazon and Elon Musk's Starlink, which are still waiting for the nod.

Read more here

“Focus Karo”: PayTM To Focus On Insurance Distribution After IRDAI Accepts Registration Withdrawal

PayTM is pivoting to insurance distribution after the IRDAI accepted its withdrawal application for PayTM General Insurance's registration as a manufacturer. Instead of creating its own insurance products, Paytm will now focus on distributing offerings from other insurers.

This strategic shift aims to boost its presence in health, life, motor, shop, and gadget insurance through its subsidiary, PayTM Insurance Broking Private Ltd.

Read more here

“Malamaal Weekly”: Times Internet Sells ET Money To 360 One WAM In A $44 Mn Deal

Times Internet has sold ET Money to 360 One WAM in a $44 million deal, which includes a cash component of INR 85.8 crore and the issuance of 3,590,000 shares at INR 779.3 each.

The deal covers the acquisition of ET Money’s two entities, Banayantree Services Pvt Ltd and Moneygoals Solutions Pvt Ltd. This move is set to strengthen 360 One WAM’s standing as a top wealth manager in India.

Read more here

“Ab Aayega Maza”: Tiger Global-Backed Jupiter Gets RBI Nod For Prepaid Payments Instrument Licence

Tiger Global-backed Jupiter has received the RBI's nod for a Prepaid Payments Instrument Licence, allowing it to offer digital wallets for UPI payments, fund transfers, and bill payments. With plans to launch a prepaid account facility soon, Jupiter is set to expand its offerings.

The company aims to innovate new use cases for its app, which already features digital savings accounts, UPI payments, and financial management services.

Read more here

“Haaye Garmi”: Hitwicket partners with ISB to boost gaming careers in India

Hitwicket has teamed up with ISB to launch a three-month program aimed at nurturing gaming entrepreneurs in India. This initiative offers resources, mentorship, and fundraising guidance, along with a robust support network.

By fostering innovation, this collaboration is set to propel the next wave of gaming entrepreneurs to success in one of the world's fastest-growing gaming markets.

Read more here

1. Zepto is aiming to raise $650 million at a $3.5 billion valuation, led by Nexus Venture Partners and StepStone Group. The round will feature existing investors like Glade Brook Capital and new ones such as Avenir Growth, Lightspeed Venture Partners, DST Global, and Avra.

   Read more here

2. Pavestone VC has secured INR 15 crore from Colruyt Group India for its INR 900 crore fund, aimed at investing in 12-15 growth-stage startups. The fund will also focus on early-stage firms in spacetech, 5G infrastructure, blockchain, quantum computing, and EV components.

   Read more here

3. RENÉE Cosmetics has secured INR 100 crore (around $12 million) in an extended Series B round led by existing investors Evolvence India and Edelweiss Group. This latest funding values the new-age beauty brand at approximately INR 1,200-1,400 crore.

   Read more here

4. Ethereal Machines, a deeptech-based manufacturing startup, has raised $13 million (INR 108.6 crore) in a Series A funding round co-led by Peak XV Partners and Steadview Capital. The funds will be used to expand their precision manufacturing capabilities.

   Read more here

5. Indigrid Technology, an electric vehicle (EV) component maker, has secured $5 million (about INR 41.7 crore) in its maiden Series A funding round. The investment was led by Cactus Partners to bolster its EV solutions offerings.

   Read more here

6. Trampoline, a B2B home décor startup focusing on cross-border operations, has secured $5 million in a seed round led by Matrix Partners India and WaterBridge Ventures.

   Read more here

7. Foxtale, a direct-to-consumer skincare startup, has raised $18 million (around INR 150 crore) in its Series B funding round led by Panthera Growth Partners from Singapore.

   Read more here